Russia 111130 Basic Political Developments
Rusal, RusHydro draft 10-year electricity contracts for Khakassia
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- Russian tycoon seeks $2 bln loan to buy Freight One-sources
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Rusal, RusHydro draft 10-year electricity contracts for Khakassiahttp://www.interfax.com/newsinf.asp?id=291048 MOSCOW. Nov 30 (Interfax) - Rusal has virtually reached agreement on new long-term contracts for electricity supplies from RusHydro (RTS: HYDR) and is holding similar talks with SUEK, but needs to include extra conditions because of existing regulations on the energy market. "We are already prepared for cooperation with RusHydro. The question is what to do with wholesale market regulations [with regard market compensation for tariff and competitive selection price differences]. The agreement includes supporting terms linked to market regulation amendments," Rusal Deputy General Director Vadim Geraskin told Interfax. The government at the beginning of the year confirmed resolution No. 1172, which instructed consumers in the second price zone (Siberia), which have free agreements for capacity with inexpensive hydro-generation, to return to the market the difference between capacity price, established through competitive selection, and the price of the free agreement (because the agreement price is a commercial secret, the regulators took the Federal Tariff Service tariff for HPP). Rusal, which accounted for 30% of electricity consumption in Siberia in 2010, mostly has long-term agreements with hydro power plants - Irkutskenergo (RTS: IRGZ) and Krasnoyarsk HPP (RTS: KRSG). These agreements were signed in 2009 for 8-10 years and bound to aluminum prices on the LME. Two sources familiar with the talks told Interfax that the companies are discussing long-term contracts for electricity supplies to the Sayanogorsk and Khakassia aluminum smelters. The terms of the contracts have long been discussed, but a final agreement was reached recently for a 10-year standard period. The price of the contracts, sources say, as with Rusal agreements with Irkutskenergo and Krasnoyarsk HPP are bound to aluminum quotes on the LME. Both sources were unable to say when these agreements would come into force, but one said this could happen in mid-2012 when the 1172 resolution stipulation, whereby consumers with free agreements on the supply of electricity and capacity have to cover the difference in the competitively selected price and the HPP tariff, is no longer in force. "Yes, agreements have been concluded for 10 years, but with supporting conditions on their coming into force," RusHydro told Interfax. The contracts will fix upper and lower price limits, "one [price] component is tied to the price of aluminum on the LME," the generating company said. Rusal and RusHydro are already partners in the Boguchansk Aluminum Smelter and Boguchansk HPP projects. "Such an agreement [on electricity supplies] exists for Boguchansk Aluminum Smelter. The partnership agreement with RusHydro included the cost of electricity for this plant," Geraskin said. "The price is fixed for the entire period of the agreement." Sibenergy, or Siberian Generating Company (consolidates the energy assets of SUEK, Kuzbassenergo (RTS: KZBE) and Eniseiskaya TGK (TGK-13) (RTS: TGKM) shareholders) could become another electricity supplier for Rusal on a long-term basis. "Talks are being held with SUEK and various other companies in the interests of the Novokuznetsk Aluminum Smelter," Geraskin said, without giving any details about the talks. The aluminum company is interested in increasing the share of long-term direct contracts from the current 50% of consumption to 80%-85%, he said. "Throughout the world the practice is to conclude contracts for 20 years with a mechanism to extend for another 20 years, otherwise it is impossible to plan the introduction of new capacity for aluminum production. This is the most efficient model, it is used around the world and has proved its viability so we will continue to move in that direction," Geraskin said. The complete interview can be viewed on the Finmarket website at: http://www.finmarket.ru/z/nws/interview.asp?id=2582981&rid=1 me (Our editorial staff can be reached at eng.editors@interfax.ru) Russian tycoon seeks $2 bln loan to buy Freight One-sourceshttp://in.reuters.com/article/2011/11/29/freightone-loan-idINR4E7LH02G20111129 Tue, Nov 29 2011 MOSCOW, Nov 29 (Reuters) - A transport unit of Russian tycoon Vladimir Lisin is in talks with Russia's Sberbank and foreign counterparts about a $2 billion loan to buy control of Russian Railways unit Freight One, sources close to the deal told Reuters on Tuesday. Lisin, Russia's richest man with a $24 billion fortune, won an auction to buy 75 percent minus two shares in $4 billion valued Freight One via his transport unit Universal Cargo Logistics Holding (UCLH) in October. One source said that Deutsche Bank, JP Morgan, Morgan Stanley, Citi and Merrill Lynch are now in talks about taking part in a syndicated loan to UCLH. Another source said that another option being considered is to raise the funds from Sberbank as well as a syndicated loan. (Reporting by Gleb Stolyarov, Oksana Kobzeva, Polina Devitt; Writing by Andrey Ostroukh; Editing by John Bowker)
MOSCOW, November 30 (RIA Novosti) – Oleg Deripaska, the head of Russian aluminum giant RusAl and a core shareholder in Norilsk Nickel, has filed suit in a Swiss court against another Norilsk shareholder, Vladimir Potanin, concerning possible money laundering during Norilsk's buyback program, Deripaska told Swiss ECO magazine late on Tuesday. "This is not the first time that Mr. Deripaska has made statements concerning Norilsk Nickel in various courts," a spokesman for Potanin's Interros holding, Andrei Kirpichnikov, told RIA Novosti. "I see no sense in commenting on such demarches. People choose their own business style and form their reputation on their own. We can only regret that businessmen put these kinds of personal ambitions ahead of the reputation of Russian business and the country as a whole." RusAl estimated Norilsk's losses from the buyback at more than $1 billion. The suit in Federal Criminal Court of Switzerland also names former board member of Hyposwiss Private Bank Zurich Hans Bodmer for his alleged role in the laundering scheme. RusAl and Interros, which holds over 30 percent in Norilsk, have been locked in a struggle for control of the metals giant for more than a year. RusAl says the Norilsk board has become dominated by officials linked with Interros. To resolve the conflict, Norilsk initiated a $4.5 billion buyback program this January and scheduled for completion in February, although the buyback only ended in March due to court proceedings under a lawsuit filed by RusAl. RusAl said the program would distort the company's ownership structure. Deripaska told the magazine he believed money laundering took place in Switzerland with the help of Hyposwiss bank. He said he had also filed with Swiss banking regulator FINMA asking it to examine the bank's actions. Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 317.41 Kb. Share with your friends:
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